CMGI has cancelled $60 million of debt owed to it by Engage Inc. and transferred all of its holdings of Engage securities back to Engage for retirement. In return, Engage paid CMGI $2.5 million in cash and agreed to pay future payments of $6 million.
In a separate development, Engage announced the appointment of John Barone as president and COO and a member of its board. Lisa McAlister was recently appointed CFO and Treasurer.
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